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- By Parinda News Bureau, April 10, 2006, 10:30 IST
The State Bank of India (SBI) employees will return to work today after their week-long strike came to an end following an agreement with the management on late Sunday evening.
The seven-day old strike by the employees and officers of the State Bank of India over the revision of pension was called off after a marathon day-long meeting.
Announcing this at a press conference in the capital, Finance Minister P Chidambaram said that as per the settlement the cut off point had been readjusted at the basic salary of Rs 21,040.
Those drawing a basic salary up to Rs 21,040 would get pension at the rate of 50 percent while those drawing more than that would get pension at the rate of 40 percent, subject to a minimum of Rs 10,520.
He said the cut off point had been readjusted at Rs 10,500 many years ago but that was irrelevant and outdated.
Both sides agreed to readjust the cut off point to Rs 21,040.
Any one getting this as a basic salary will get 50 percent pension while others getting above this will get a pension at the rate of 40 percent.
The minimum pension, which was Rs 4250 previously, has now been raised to Rs 10,520, he said.
With the settlement reached between the union and the Management, the seven-day old strike has been called off and the employees would return to work on Monday morning, Chidmabaram said.
Regretting the inconvenience caused to the public due to the seven day long strike,the Finance Minister said their inconvenience would stop on Monday morning with the employees coming back to work.
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